November 25, 2021

Are Great Lakes Student Loans Federal or Private?

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Great Lakes is one of the companies that provides and manages loans to interested students. As a student loan servicer, one of its many responsibilities is to help borrowers handle and pay for their Great Lakes student loans.

If the company is your student loan servicer, you might have asked the question, “Are Great Lakes student loans federal or private?” Although they offer services related to private loan processing, Great Lakes is mainly a federal loan servicer.

According to the Great Lakes website, the organization claims to be a servicer for federal student aid, offering a network of support to those in need.

The main difference between federal student loans and private student loans is that the former is funded by the government while the latter by banks or schools.

What Loan Services Does Great Lakes Offer?

Great Lakes can help students if they have issues or concerns with the following, according to Investopedia:

  • Student loan repayment: Student borrowers who need guidance and assistance in making their monthly loan payments can get in touch with Great Lakes to help streamline this process.
  • Student loan consolidation: Similar to a loan consolidation service from financial agencies, Great Lakes can help you consolidate multiple federal loans so that borrowers can make paying significantly less complicated.
  • Alternative repayment plans: People who are unable to pay for their monthly payments can contact Great Lakes for help as the entity can come up with an alternative repayment plan. One example is the income-driven repayment plan, where a borrower’s monthly payment will be based on the size of their family and income.

What Are the Payment Options for Great Lakes?

One of the main benefits of choosing Great Lakes is that it offers student borrowers multiple options for making payments.

These are the payment methods they accept:

  • Automatic payments: You can set up your Great Lakes account to deduct loan payments directly and automatically from your bank.
  • Manual online payments: If you don’t want Great Lakes to automatically deduct payments, you can login once a month via their portal and do it yourself.
  • Through phone: You can pay over the phone by calling their hotline (800-236-4300). Keep in mind that their representatives are available from Monday to Friday between 7 a.m. to 9 p.m. Central Time.
  • Bill pay: You can leverage your bank’s bill pay feature to settle your Great Lakes payments directly.
  • Mobile app: There is a Great Lakes mobile app for iOS and Android devices that you can use to make or schedule payments.
  • Mail: Great Lakes also allows borrowers to mail them a money order or check to settle their payments.

Conclusion

Great Lakes is one of the federal student loan servicers available for student borrowers. It is primarily known as a federal loan servicer, although it also has services related to private loan processing.

The organization provides various loan services to those in need, such as student loan repayment, student loan consolidation, and alternative repayment plans. They also let borrowers pay through various methods such as through their website, phone, and mobile app.

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